Herrschners has this free ripple knit pattern --- color bands easily changed to the traditional look. It's called Spicy Chevron Blanket and is close to the bottom of the page.

Here is a link that might be useful: http://www.herrschners.com/freeprojects.aspx?did=5514

If you look at the cover here that looks like a crochet granny ripple. I don't knit so have no clue what is comparable in knit. Mary

Here is a link that might be useful: ripple tone afghan